45.
A technical way to say this is that if CL1 and CL2 have cointegration vector (1, -1) then CL1 - CL2 is stationary…
A technical way to say this is that if CL1 and CL2 have cointegration vector (1, -1) then CL1 - CL2 is stationary, so its variance does not scale with time. This does not prove that trading mean-reversion on CL1 - CL2 is profitable, because